Former Notts County boss John Sheridan is the bookies' new 11/8 favourite to become the Cobblers manager.
Ex-Republic of Ireland international Sheridan, who has also managed Plymouth Argyle, Chesterfield, Newport County and Oldham Athletic, was sacked by the Magpies last month with the team third bottom in Sky Bet League Two.
His time at Meadow Lane was troubled, but the former Leeds united and Sheffield Wednesday midfielder has previously enjoyed successful stints in the lower leagues.
Second favourite for the Sixfields hot seat is former Wigan Athletic manager Gary Caldwell (2/1).
The Scotsman won the league one title last season before losing his job at the DW Stadium with the Latics struggling on their return to the Championship.
Ex-Watford, Swansea City and Wolves boss Kenny Jackett, who left Rotherham United earlier this season after spending just a month in charge, is third on the bookies list at 5/1.
Justin Edinburgh, who was sacked by Gillingham last month, is a 6/1 shot along with ex-Scunthorpe boss Mark Robins, while early bookies frontrunner Nigel Adkins has drifted out to 8/1.
Also in the frame are the likes of former Falkirk, Hibernian and Inverness boss John Hughes (10/1), Brackley Town manager Kevin Wilkin (14/1) and ex Reading and Leeds United manager Brian McDermott (14/1).
The likes of Gary Rowett, Jimmy Floyd-Hasselbaink, Paul Ince and Ryan Giggs have dropped down the pecking order according to the bookies.
No time-frame has been confirmed for any appointment, but chairman Kelvin Thomas is working hard to find a replacement for Rob Page, who was sacked on Monday after just eight months in charge at Sixfields.
Page's assistant Paul Wilkinson has been placed in caretaker charge of the Cobblers ahead of Saturday's Sky Bet League One clash with Scunthorpe, with Paddy Kenny and John Harbin assisting him.